Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)
Vol.%%03,%No.%09,%September%2023%
e-ISSN:%2807-8691,|,p-ISSN:%2807-839X$
!
IJSSR!Page%2399
https://doi.org/10.46799/ijssr.v3i12.653%
This%work%is%licensed%under%a%Attribution-ShareAlike%4.0%International%(CC%BY-SA%4.0)
Exploration+of+Dynamics+of+Corporate+Performance+and+
Corporate+Governance+
!
Nur!Saebah1,!Alit!Merthayasa2,!Adelia!Azzahra3,!Riska!Rahayu4!!
Management,%Universitas%Cendekia%Mitra,%Indonesia1,2%
Public%Administration,%Universitas%Swadaya%Gunung%Jati%Cirebon,%Indonesia3%
Tadris%mathematics,%IAIN%Syekh%Nurjati%Cirebon,%Indonesia4%
Keywords)
!
ABSTRACT!
!"#$"#%&'()'#*"#+%,-'.(
/"0'#,%,-'.(1#2%,34%&3",%5(
6'%7'#893$:(
)
%
This% research% explores% the% dynamics% of% corporate% performance%
and%governance%in%the%context%of%globalization%and%fierce%business%
competition.% With% a% focus% on% the% Spanish% tourism% sector% and%
evaluating%corporate%governance%in%Latin%America,%the%study%uses%
a% mixed% approach,% combining% qualitative% and% quantitative%
analysis.%The%study%aimed%to%understand%the%relationship%between%
corporate% performance% and% corporate% governance% by% exploring%
the% differences% between% family% and% non-family% businesses.% The%
research%provides%insight%into%how%ownership,%management,%and%
governance% practices% can% affect% corporate% performance% through%
literature% studies,% return% on% capital% analysis,% and% corporate%
governance%evaluations.%The%results%show%that%family%businesses%
have% unique% dynamics% involving% emotional% involvement% and%
creativity,% while% good% corporate% governance% is% concerned% with%
consistency% of% return% on% capital.% Implications% include% a% better%
understanding% for% organizational% leaders% in% making% investment%
decisions% and% sustainable% business% strategies.% This% research%
makes% theoretical% and% practical% contributions% to% understanding%
performance% dynamics% and% corporate% governance% in% global% and%
local%business%contexts.%
!
!
!
INTRODUCTION)
In%the%era%of%globalization%and%increasingly%fierce%business%competition,%the%business%world%faces%
greater%challenges%in%achieving%and%maintaining%optimal%performance%(Shu%&%Chiang,%2020;%Tjahjadi%et%
al.,%2021).%The%role%of%corporate%governance%as%a%solid%foundation%for%achieving%strategic%objectives%is%
becoming%increasingly%important.%In%this%context,%this%study%aims%to%determine%the%dynamics%of%company%
performance%and%corporate%governance%as%key%factors%for%company%success%(Gao%et%al.,%2023;%Gupta%&%
Chauhan,%2023;%Lemma%et%al.,%2022;%Monks%&%Minow,%2011).%The%rapid%and%complex%evolution%of%the%
business% world% requires% increased% attention% to% two% important% aspects:% corporate% performance% and%
corporate% governance.% Both% play% an% important% role% in% shaping% and% maintaining% organizational%
sustainability%in%managing%changing%market%dynamics%(Arı%et%al.,%2023;%Siddiqui%et%al.,%2023;%Xu%et%al.,%
2022).%The%company's%performance%includes%financial%aspects,%where%Return%on%Capital%becomes%critical%
management%to%evaluate%the%efficiency%of%capital%use%and%potential%profitability.%Meanwhile,%corporate%
governance%addresses%the%organizational%structure,%policies,%and%practices%governing%how%companies%
run%and%supervise%(Boachie%&%Mensah,%2022;%Nareswari%et%al.,%2023;%Peng%et%al.,%2021;%Wang%&%Yang,%
2023;%Zhang%et%al.,%2023).%
%Modern%companies%face%various%challenges,%such%as%market%fluctuations,%technological%changes,%
and%ever-increasing%stakeholder%demands.%Maintaining%consistent%corporate%performance%and%adding%
International!Journal!of!Social!Service!and!Research!%https://ijssr.ridwaninstitute.co.id/%
IJSSR!Page%2400
value% to% stakeholders% requires% a% deep% understanding% of% the% company's% internal% dynamics% and% the%
implementation% of% effective% corporate% governance% (Noruzy% et% al.,% 2013).%This% challenge% requires% a%
management% approach%to% understand% and% manage% company% performance% and% strengthen%good%
governance%(Huang%&%Wang,%2023;%Lee%et%al.,%2023).%
This%research%is%based%on%a%strong%theoretical%framework%and%current%empirical%research%in%the%
field%of%corporate%performance%and%corporate%governance.%Theories%such% as%the%Balanced% Scorecard,%
agency% theory,% and% related% concepts% become% the% basis% for% analyzing% the% dynamics% of% company%
performance%(Nareswari%et%al.,%2023;%Ronaghi,%2022;%Uyar%et%al.,%2021;%Zhang%et%al.,%2023).%Meanwhile,%
literature% on% successful% corporate% governance% practices% and% case% studies% of% companies% that% have%
achieved%excellence%can%be%helpful%in%evaluating%best%practices%(Sarhan%&%Gerged,%2023;%Vichitsarawong%
&%Eng,%2023;%Zahoor%et%al.,%2023).%
%In%Spain,%family%and%non-family%businesses%potentially%dominate%the%tourism%industry,%giving%it%
a%significant%market%share%and%contributing%to%the%country's%economic%growth.%A%comparative%analysis%
of%family%and%non-family%businesses%provides%valuable%insights%into%capital%management%and%business%
strategies%that% may%differ%between%them.%Corporate% governance%assessments%of% recorded%companies%
provide%an%in-depth%understanding%of%the%extent%to%which%governance%principles%are%recognized%and%
applied% at% the% organizational% level%(Camisón% Zornoza% et% al.,% 2016).% This% creates% an% opportunity% to%
understand% how%corporate% governance% practices% impact% corporate% performance% and% vice% versa%(del%
Carmen%Briano-Turrent%&%Rodríguez-Ariza,%2016).%
By% combining% these% two% aspects,% this% study% aims% to% make% a% significant% contribution% to% the%
understanding% of% the% relationship% between% corporate% performance% and% corporate% governance% by%
combining%these%two%aspects.%This%topic%is%particularly%relevant%to%the%current%industry%situation%due%to%
the%changing%dynamic%business%ecosystem.%Understanding%how%companies%manage%performance%and%
implement%effective%governance%can%determine%success%and%failure.%This%research%provides%important%
insights%to%stakeholders,%including%business%owners,%executives,%regulators,%and%general%managers,%by%
providing% detailed% insights% into% policies% and% practices% that% can% improve% business% performance% and%
sustainability.% Furthermore,% this% research% is% expected% to% make% new% theoretical% contributions% in%
understanding%the% dynamics% of% corporate%performance% and% corporate%governance%in% the% Indonesian%
business%context.%
!
METHODS)
This% research% is% a% descriptive% qualitative% approach% using% literature% studies% to% investigate%
corporate%performance%and%governance%dynamics.%This%research%departs%from%two%previous%research%
journals%entitled%"Return%on%Capital%in%Spanish%Tourism%Businesses:%A%Comparative%Analysis%of%Family%
vs%Non-family%Businesses"%(Camisón%Zornoza%et%al.,%2016)and%“Corporate%Governance%Ratings%on%Listed%
Companies:%An%Institutional%Perspective%in%Latin% America"(del%Carmen%Briano-Turrent%&% Rodríguez-
Ariza,%2016)%
As%a%first%step,%a%literature%study%will%be%conducted%to%gather%a%deep%understanding%of%theories%
related%to%corporate%performance%and%corporate%governance.%Findings%from%qualitative%analysis%will%be%
integrated%to%manage%a%comprehensive%picture%of%the%relationship%between%company%performance%and%
2400corporate%governance.%The%diversity%of%data%from%various%sources%will%enrich%the%interpretation%of%
research% findings.% Research% results% will% be% validated% through% data% triangulation% and% feedback% from%
industry%experts%and%academics%to%ensure%the%reliability%and%generalizability%of%findings.%
%
RESULTS)
In% exploring% the% dynamics% of%corporate% performance% and% corporate% governance,% this% study%
combines%two% main% factors:% an% analysis% of%return% on% capital% in% the% Spanish% tourism%business%and% an%
evaluation%of%corporate%governance%ratings%in%listed%companies%in%Latin%America.%These%two%aspects%are%
expected%to%provide%a%manageable%understanding%of%how%performance%and%governance%interact%with%
International!Journal!of!Social!Service!and!Research,%%
Nur%Saebah1,%Alit%Merthayasa2,%Adelia%Azzahra3,%Riska%Rahayu4%
IJSSR!Page%2401
each%other%in%the%contemporary%business%world.%%
The!Business!Context!of!Spanish!Tourism%
Analysis%of%the%performance%of%Spanish%tourism%businesses,%by%distinguishing%between%family%
and%non-family%businesses,%provides%an%in-depth%understanding%of%how%ownership%structure%can%affect%
return%on%capital.%The%results%showed%that%family%businesses%tend%to%have%strong%emotional%involvement%
and%long-term%performance,% which% can% have% a% positive% impact% on% the% efficiency% of% capital% use% and%
stability%of% performance.%Within%Spain's% tourism%sector,% many%business%ventures% are%run%by%families.%
This%creates%a%unique%dynamic%where%family%factors,%such%as%tradition,%values,%and%personal%relationships%
often%influence%business%decisions.%Leaders%in%the%context%of%family%businesses%need%to%understand%and%
address% the% emotional% aspects% and% interpersonal% relationships% that% might% influence% strategic% and%
operational%decisions%(Arif%et%al.,%2019;%Camisón%Zornoza%et%al.,%2016).%
Companies%that%are%heavily%influenced%by%external%factors,%such%as%global%travel%trends,%seasonal%
changes,%and%economic%changes.%The%leader%of%the%organization,%in%this%case,%needs%to%have%the%ability%to%
adapt%to%rapid%environmental%changes.%Successful%leadership%in%the%Spanish%tourism%sector%involves%the%
ability%to%devise%flexible%and%manageable%strategies%to%market%changes%and%consumer%trends%(Saebah%&%
Merthayasa,%2023).%And%the%importance%of%customer%satisfaction%service,%of%course,%an%organizational%
leader% needs% to% instill% a% high% customer% service% culture% among% employees.% Leadership% in% this% regard%
focuses% on% empowering% employees% to% deliver% a% positive% customer% experience% and% ensuring% that%
customer%service%values%are%embedded%throughout%the%organization%(Chang%&%Lee,%2007).%
In%an%era%of%sustainability,%leaders%need%to%consider%the%environmental%impact%of%their%business%
operations.% Sustainable% leadership% involves% integrating% environmentally% friendly% business% practices.%
Leaders%must%incorporate%sustainability%policies%into%organizational%strategies%and%lead%by%example%in%
implementing%environmentally%responsible%practices.%Effective%leadership,%too,%will%involve%the%ability%
to%work%and%communicate%with%the%managing%group%(Purwanto,%2020).%Leaders%need%to%build%diverse%
teams%and%promote%an%inclusive%organizational%culture%to%respond%to%the%needs%of%the%global%market.%
Organizational% leaders% also% need% to% understand% the% importance% of% innovation% in% attracting%
customers%and%competing%in%a%competitive%marketplace.%Creative%leadership%involves%the%drive%towards%
product%or%service%innovation,%as%well%as%the%implementation%of%effective%marketing%strategies%to%market%
tourism%destinations%or%services.%By%understanding%this%unique%context,%organizational%leaders%within%
the%Spanish%tourism%sector%can%develop%leadership%skills%that%match%the%demands%of%the%unique%business%
dynamics% in%the% industry%(Schein,% 2010).% The% ability% to% adapt,% lead% managing% teams,% and% maintain% a%
balance%between%innovation%and%sustainability%is%key%to%addressing%leadership%challenges%in%the%ever-
evolving%tourism%sector%(Kim,%2014).%
Comparison!Between!Family!and!Non-Family!Business!
The%comparison%between%family%and%non-family%businesses%involves%an%in-depth%understanding%
of%the%differences%in%governance,%values,%and%dynamics%that%might%influence%a%company's%decisions%and%
performance.% In% the% context% of% research% on% return% on% capital% in%Spanish% tourism% businesses,% this%
comparison%can%provide%valuable%insight%into%how%family%ownership%and%management%can%differ%from%
businesses%that%are%not%family-owned.%Family%ownership%often%involves%strong%emotional%involvement%
and% intergenerational% interconnectedness.% Family% values,% traditions,% and% personal% relationships% can%
influence% decision-making.% Businesses% that% are% not% family-owned% tend% to% have% more% fragmented%
ownership%structures,%with%decisions%that%economic%and%strategic%factors%may%influence%without%deep%
emotional%involvement%(Olson%et%al.,%2003).%
While% they% tend% to% be% conservative% in% managing% risk,% family% businesses% often% have% strong%
flexibility% and% innovation% due% to% their% long-term% orientation.% Creativity% in% a% family% business% can% be%
rewarded%for%keeping%tradition%while%adopting%change.%Whereas%in%non-family%businesses,%innovation%
decisions%may%be%more%quickly%taken%in%non-family%businesses%because%of%a%more%focused%orientation%to%
financial%results% and% return%on% investment.%Family% businesses%often% have% a%long-term%vision%and% are%
International!Journal!of!Social!Service!and!Research!%https://ijssr.ridwaninstitute.co.id/%
IJSSR!Page%2402
more% willing% to% take% long-term% risks% for% family% sustainability% and% growth.% However,% for% non-family%
businesses,%orientation%may%be%more%focused%on%achieving%financial%results%in%a%short%period%of%time,%
with%a%more%tactical%strategic%plan%(Suwarno%&;%Harianti,%2022).%
Leadership% succession% in% family% businesses% involves% emotional% and% complex% factors% in%
transferring%leadership%from%generation%to%generation.%The%succession%process%in%non-family%businesses%
can%focus%more%on%performance%criteria%and%the%selection%of%candidates%based%on%ability%and%experience.%
Family% involvement% in% ownership% and% management% can% create% an% intimate% work% atmosphere%and%
complex% dynamics% between% family% members% and% non-family% employees.% In% non-family% businesses,%
employee%relationships%tend%to%focus%more%on%professionalism%and%may%have%fewer%personal%conflicts%
of%interest.%Family%businesses%may%be%more%likely%to%use%internal%funding%or%lower%debt%to%avoid%the%risk%
of% losing% a%loggle%(Annisa% et% al.,% 2021).% Non-family% businesses% may% be% more% likely% to% use% external%
financing%options%and%higher%debt%ratios%to%maximize%return%on%investment%(Olson%et%al.,%2003).%
A% comparison% between% family% and% non-family% businesses% reveals% differences% in% investment%
strategies% and% managerial% policies.% Although% family% businesses% may% tend% to% be% conservative% in% risk%
management,% non-family% businesses% may% be% more% likely% to% adopt% aggressive% innovation% and% growth%
strategies.%As%a%result,%this%difference%is%reflected%in%the%return%on%capital,%providing%a%more%complete%
picture%of%the%dynamics%of%company%performance%in%the%tourism%sector.%
Evaluation!of!Corporate!Governance!in!Latin!America!
Corporate% governance% involves% the% extent% to% which% a% company% implements% the% principles% of%
ethics,% transparency,% accountability,% and% social% responsibility.% This% evaluation% becomes% important% to%
ensure%that%the%company%operates%with%integrity%and%meets%business%ethics%standards.%The%ownership%
structure%of%the%company%and%the%composition%of%the%board%of%directors%can%play%an%important%role%in%
governance%(Ho,%2005).%The%evaluation%includes%whether%the%board%of%directors%is%managed,%has%relevant%
expertise,%and%can%effectively%carry%out%its%supervisory%and%advisory%functions.%
The%level%of%transparency%and%quality%of%financial%reporting%is%a%determinant%in%the%evaluation%of%
corporate%governance.%The%Company%is%expected%to%provide%accurate,%relevant,%and%timely%information%
to%shareholders%and%other%interested%parties.%Companies%in%Latin%America%need%to%have%effective%risk%
management%systems%and%internal%controls%in%place%to%manage%operational,%financial,%and%reputational%
risks.%Evaluation%involves%an%assessment%of%the%effectiveness%of%this%system.%Companies%in%Latin%America%
also%involve%the%extent%to%which%companies%involve%shareholders%in%decision-making%and%the%extent%to%
which%shareholder%rights%are%respected.%Openness%to%dialogue%with%shareholders%and%protection%of%their%
rights%are%important%aspects%(Mallin,%2016).%
Companies% are% increasingly% paying% attention% to% environmental,% social,% and% governance% (ESG)%
factors% in% evaluating% governance.% Companies% are% expected% to% publish% their% sustainability,% social%
responsibility,%and%environmental%impact%information.%Also,%aspects%of%business%ethics%are%involved%in%
this%evaluation,%including%the%company's%compliance%with%the%code%of%ethics,%fair%treatment%of%employees,%
and% anti-corruption% policies.% And% improved%governance% through% innovation,% corporate% governance%
evaluation%also%includes%the%extent%to%which%companies%adopt%innovation%in%their%governance%practices,%
such% as% the% use% of% technology% to% increase% transparency% and% efficiency.% Finally,% corporate% social%
responsibility%(CSR),%governance%evaluation%also%involves%the%extent%to%which%the%company%practices%
and% involves% itself% in% corporate% social% responsibility,% including% actions% carried% out% in% supporting% the%
community%and%the%surrounding%environment.%
Through%this%evaluation,%stakeholders%can%understand%the%extent%to%which%companies%in%Latin%
America%adhere%to%the%principles%of%good%governance,%and%the%results%can%provide%valuable%insights%for%
organizational% leaders,% investors,% and% regulators% to% improve% corporate% governance% practices% in% the%
region%continuously.%
%
%
CONCLUSION!
International!Journal!of!Social!Service!and!Research,%%
Nur%Saebah1,%Alit%Merthayasa2,%Adelia%Azzahra3,%Riska%Rahayu4%
IJSSR!Page%2403
By%incorporating%Spanish%and%Latin%American%elements,%the%study%provides%a%global%and%local%
look%at%the%dynamics%of%corporate%performance%and%governance.%It%provides%an%understanding%of%how%
global% and% local% factors% interact% with% each% other% and% can% form% effective% business% strategies.% The%
relationship% between% corporate% performance% and% governance% is% revealed.% Companies% with% good%
governance% tend% to% achieve% more% consistent% and% sustainable% returns% on% capital.% Conversely,% lack% of%
transparency%and%lack%of%effective%governance%structures%can%limit%a%company's%growth%potential%and%
performance.% Organizational% leaders% can% draw% insights% from% the% results% of% this% study.% They% need% to%
consider% corporate% governance's% critical% role%in% achieving% their% financial% goals,% while% understanding%
how% ownership% dynamics,% such% as% in% family% businesses,% can% influence% investment% decisions% and%
business%strategies.%
%
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